Housekeeping: Good Morning. Happy 4th
Gold Revaluation is a process punctuated by events on Oct 22nd to Nov. 5th
Today:
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Commentary: Gold/Silver Indian Air Conditioners
Equity Recap:
US equities advanced on Tuesday, with the S&P 500 and Nasdaq Comp closing at record highs
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Market News:
"Federal Reserve Chair Jerome Powell said he was pleased with how inflation had resumed a downtrend following a rebound at the start of the year but said it was too soon to say whether the central bank might be able to lower interest rates by the end of the summer, as investors increasingly anticipate...Source: WSJ
"Generative artificial intelligence is spilling into the classroom—and not just from students looking for shortcuts. Teachers are embracing new AI grading tools, saying the programs let them give students faster feedback and more chances to practice. Used properly, teachers say, AI helpers can provide consistency and remove bias from assessments of student work—although not everyone trusts AI to give out grades." Source: WSJ
"Tesla’s second consecutive drop in quarterly deliveries wasn’t as steep as analysts were predicting, sending the EV maker’s shares soaring as much as 10%. Source: Bloomberg
"Apple is set to take an observer role on the board of OpenAI, giving the iPhone maker similar insight into the artificial intelligence start-up as Microsoft, its biggest backer. The board role was agreed as part of a deal between Apple and OpenAI, announced last month, to integrate ChatGPT into Apple devices. Tim Cook, the iPhone maker’s chief executive, said the partnership would be part of a suite of AI features for users, such as an enhanced Siri voice assistant, as it took the “next big step” to incorporate the technology into its products." Source: FT
"General Motors reported its best quarterly sales in more than three years, including notable increases in full-size pickup trucks and all-electric vehicles. Source: CNBC
Geopolitics:
Israeli army said it shelled Hezbollah positions last night in the areas of Blida, Yaron, Tair Harfa and Aitaroun in southern Lebanon, according to Al Jazeera.
Palestinian Health Ministry said four were killed in an Israeli strike on West Bank's Nur Shams Refugee Camp, according to Reuters.
US State Department said it has seen disturbing reports of the Israeli army's use of civilians as human shields and it called on Israel again to investigate quickly and ensure accountability for any abuses and violations, according to Al Jazeera.
China is building and testing lethal attack drones for Russia with Chinese and Russian companies said to be developing an attack drone similar to an Iranian model deployed in Ukraine, according to European officials familiar with the matter cited by Bloomberg.
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, JULY 1 9:45 am S&P final U.S. manufacturing PMI June -- 51.7% 10:00 am Construction spendingTUESDAY, JULY 2 9:30 am Federal Reserve Chair Jerome Powell speech in PortugalWEDNESDAY, JULY 3 8:15 am ADP employment June 170,000 152,000', 2:00 pm Minutes of Fed's June FOMC meeting
THURSDAY, JULY 4 None scheduled, July 4 holiday
FRIDAY, JULY 5 8:30 am U.S. employment report June 1
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